E 10-1 Acquisition costs; land and building LO10-1 On March 1, 2021, Beldon Corporation purchased land as a factory site for $60,000. An old building on the property was demolished, and construction began on a new building that was completed on December 15, 2021. Costs incurred during this period are listed below: Demolition of old building Architect's fees (for new building) Legal fees for title investigation of land Property taxes on land (for period beginning March 1, 2021) Construction costs Interest on construction loan $ 4,000 12,000 2,000 3,000 500,000 5,000 Salvaged materials resulting from the demolition of the old building were sold for $2,000. Page 553